Mexico's Ara plans 4 bln peso investment to build 10,000 homes

Redacción de Reuters

1 MIN. DE LECTURA

MEXICO CITY, April 21 (Reuters) - Mexican homebuilder Consorcio Ara on Thursday unveiled plans to invest 4 billion pesos ($229.64 million) in the construction of 10,000 new homes over the next 3 to 4 years.

In a statement to Mexico’s bourse, the company said the homes would be built in 10 developments located in Mexico City, as well as Queretaro, Puebla, Nayarit and Mexico State.

The homebuilder industry has suffered in recent years after failing to adapt to changing consumer preferences and new government rules that prioritized urban high rises over family homes away from city centers. ($1 = 17.4184 Mexican pesos) (Reporting by Alexandra Alper)